31 May '16, 1pm

Chinese investors adds $1.2 billion to #Bitcoin market in 4 days, price up 16%

A citizen takes photos of a bitcoin ATM in east China's Shanghai, April 16, 2014. (Xinhua/Ding Ting) BEIJING, May 31 (Xinhua) -- Two years after the first wave of Bitcoin frenzy swept China, Chinese investors are again chasing after the virtual currency, pushing up its price 16 percent in four days. The price reached 525.49 U.S.dollars per bitcoin Monday, which means 1.2 billion U.S. dollars were added to the market value since Friday. China's government frowns on the trading of Bitcoin, but many Chinese investors are nevertheless paying close attention to the market which is believed to yield high returns. Decreasing supply expectations are also fueling the price spike, analysts said. The virtual currency is created by a complicated computin g process called "mining," and a mechanism was installed in place to limit the speed at which the coin is produced.

Full article: http://news.xinhuanet.com/english/2016-05/31/c_135402536.htm

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